Kuwait’s Burgan Bank gets tenders for $230.19 million of perpetuals

By Sarah Lizee

Olympia, Wash., July 2 – Burgan Bank KPSC announced the results of its tender offer for its $500 million of perpetual tier 1 capital securities issued by Burgan Tier 1 Financing Ltd.

As of the expiration deadline, the bank received valid tenders for $230,185,000 of the notes. Burgan said it plans to accept for purchase all notes tendered in the offer, with no pro rata scaling.

Settlement is expected on July 9.

The tender offer is subject to a new financing condition. Burgan Bank plans to sell dollar-denominated fixed perpetual bonds, according to a stabilization notice.

HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or EM_Europe_LM@jpmorgan.com) are dealer managers and Lucid Issuer Services Ltd. (+44 20 7704 0880 attn: Arlind Bytyqi or burgan@lucid-is.com) is the information and tender agent.

Burgan Bank is a Sharq-based lender and subsidiary of Kuwait Projects Co. Holding KSC.

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